All Forum Posts by: Scott R.

Sounds like from what you say you should not be responsible for most of that. Thats is why its always best to document repair request, such as the dish washer. Range, who knows,
Paint/Carpet/Tiles, you are not responsible for normal wear and tear, normal wear and tear are different to different people, but after 8 years, theres gonna be alot of wear.
Kitchen cabnets should in no way be your fault.
As far as the paint, who knows, this should also fall under wear and tear as long as you didnt paint the apartment black or anything like that, and ive seen it be done.
-Scott

All depends on what was wrong with the apartment.? You say deferred maintance, he obviously doesnt. What were the charges for? No one being able to produce a lease isnt going to help. You cant even prove you paid a deposit.
-Scott

Found it amusing.. hopefully you do too..






-Scott

Ryan Webber sold me my first rental! walked me through everything, financing, helped provide contractors, exterminators (LOL!) and everything needed to start my landlording career..
Also runs our local REIA.. wonderful guy, helps alot of newbies into the business, the right way, to make sure they stay in the business. Kinda suprises me someone would offer so much info/help to others that would end up being competition..
Thanks again Ryan! :)
-Scott

Yea, along with the bigger profit possiblities comes the greater cost,
Higher realtor fees
Higher closing cost (if paid by seller)
and prob most importantly higher holding cost, and higher priced properties generally sell alot slower. So theres some good mixed with some bad.

1 bathroom houses dont do much for rehabbers, unless one can be added and the price is there for this improvement.

weird floorplans (normally additions and such) are a huge turn off for rehabbers

Neighbors, doesnt matter how nice you make that house if the neighbors houses are awful or neighborhoods arent the greatest.

You want the common house. Not too big for the area, not too small, not too weird looking ect.

You REALLY need to know the neighborhood as well, theres certain areas of a neighborhood that are way different then the other side of the neighborhood. Just cause its in the "whatever" neighborhood doesnt mean the sqft price is all the same.

Busy streets normally sell for minimum 10% less and are less attractive to rehabbers.

My last REIA they were talking about mistakes they made, and they were talking about price per sqft on houses too big for the area and how many newbes calculate price based off sqft but it doesnt mean much it if doesnt match the neighborhood.

your farm areas should have lots of OO sales as well as houses minimum 30+ years of equity

While you can advertise and target any specific area, when talking about 60% fmv and such you cant be too picky as to the area. Of course you WANT to find property in this or that area, but need to be open to most any area, which is why you need to have some rehabbers, some landlords and a little bit of everyone on your list.
Although theres different types of carpet, tile, ect, generally theres a bottom.
Carpeting a 400sqft room is gonna cost the same using the same materials/labor, nomatter if its a $25,000 house or a $250k house.

Lets say $3000 worth of carpet, on the cheaper house thats over 10% of the purchase price.. Just over 1% on the higher house.

In MY area, MLS houses start at around $30k (for a section 8 type housing area) and Nice area houses go into the $300k's
Rehabbers here, with the exception of one wholesaler/rehabber go for the $100k price range houses on average id say. ARV values $100-200k, older neighborhoods yet good areas, good schools, all stuff that appeals to the owner occupant that will eventually be purchasing the house. Only real way to flip cheaper properties is to offer to carry the property as most people willing to live in those areas will not be able to purchase.
Just from my watching several different wholesalers sites daily it seems to be alot harder to get the higher priced properties at great discounts.

Alot of the wholesale properties in my area are in not the greatest areas, and wouldnt have sufficent markup to most rehabbers, yet are great deals for landlords and sell very fast.

Weird.. Just posted about that in your other post! lol
-Scott

I think with most rehabbers its all about money, more money you can make them the better off everyone is. You want to have the cheapest houses. In my market, the NEWER wholesalers normally have the best prices, and those deals go the quickest, and often show up days later on other wholesalers sites for more $$$.
All depends on the deals and areas of town, Marketing to Rehabbers is way different than to landlords, Normally a rehabbers dream area isnt in a cash flowing area, therefore landlords arent as attracted to the property.
One of my local wholesalers and a big member of this site made a comment recently how his buyers list is huge, but the repeat buyers list is tiny. You can have a 1 person on your buyers list if there frequent buyers. Finding the deals is normally alot harder then the buyers.

Did it work!?